Unconscionable conduct in asset based lending: Stubbings v Jams 2 Pty Ltd [2022] HCA 6
Recently, the High Court of Australia found unconscionable conduct on the part of a lender on an asset based loan and held that the lender could not rely on the certificates of independent legal and financial advice procured from the borrower to immunise the transaction against unconscionable conduct laws. The loan was made to a […]
ReadmoreNotesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285
In Notesco Pty Ltd v Australian Financial Complaints Authority Ltd [2022] NSWC 285, the Supreme Court of NSW considered the validity of a Determination made by AFCA requiring Notesco Pty Ltd (Notesco) to pay compensation to an elderly resident of France who lost his life savings trading in CFDs (via a third party broker) on […]
ReadmoreThe grass could be greener: The challenges facing sustainability linked loans in Australia
With greater focus on corporate social responsibility and achieving a more sustainable society as we emerge from the COVID-19 pandemic, the banking and finance industry in Australia has taken new strides in introducing sustainability linked loans to their commercial loan practice. We are at a particular tipping point in Australia, and the importance of finding […]
ReadmoreThe digital frontier – staying ahead of the crypto curve
We are in an era that many are now describing as the ‘digital frontier’ – where visions of decentralised financial systems (DeFi) and decentralised autonomous organisations (DAOs) run abound with an endgame that intends to shake up the way traditional finance is offered to consumers. On 21 March 2022 the Treasury released its consultation paper […]
ReadmoreA new challenger enters the arena: why the CCIV is poised to dethrone the MIS as the preferred funds management structure
On 10 February 2022, after numerous rounds of feedback, the Corporate Collective Investment Vehicle Framework and Other Measures Bill 2021 (Cth) (CCIV Bill), passed both Houses of Federal Parliament and came quietly into being – its impact on the Australian funds landscape will undoubtedly be anything but. The CCIV Bill establishes the corporate collective investment […]
ReadmoreElectronic execution and modernised meetings under the Corporations Act – here to stay (finally)
With little fanfare, the highly anticipated Corporations Amendment (Meetings and Documents) Bill 2021 (Bill) was passed by both Houses of Parliament in the final sessions of Parliament before the coming Federal Election. The Bill amends the Corporations Act 2001 (Cth) (Corporations Act) and establishes a permanent mechanism to allow companies and registered schemes to hold hybrid (in person […]
ReadmoreCOVID-19 | Victorian Commercial Tenancy Relief 3.0 – Victoria introduces extended rent relief for small business
In response to the ongoing impact of COVID-19, the Victorian Government has now released the Commercial Tenancy Relief Scheme Regulations 2022 (Vic) (2022 Regulations) which extends the entitlement to rent relief and related protections for certain small businesses. What has changed? Our previous publication on the Commercial Tenancy Relief Scheme Regulations 2021 (2021 Regulations) can be found […]
ReadmoreASIC’s enforcement toolbox: breach reporting and infringement notices create the perfect storm
In the wake of our previous article on the introduction of Mandatory Breach Reporting for Australian Financial Services (AFS) and Australian Credit (AC) licensees, these obligations have now been in force for a couple of months. Due to these changes, most licensees that we interact with have experienced a very large increase in the volume […]
ReadmoreGadens Connect | 2021 Edition Four
In this edition of Gadens Connect, our team provides an overview of key performance indicators as we move into Christmas; an update on the new Financial Difficulty Guideline; an insight into legislative changes in relation to witnessing of affidavits (South Australia); a summary of FAQs regarding mortgagee in possession liability; and an overview of smoke […]
ReadmoreBuy Now Pay Later – A changing regulatory landscape
The Buy Now Pay Later (BNPL) industry has been making a lot of noise in recent times, attracting the attention of shareholders, regulators and consumer advocates alike. The industry has nevertheless remained largely unregulated to date, due in part to the proactive measures taken by BNPL providers to self-regulate under the Buy Now Pay Later […]
ReadmoreFAR Out – The reintroduction of civil penalties
Background On 16 July 2021, the Government released the draft Financial Accountability Regime Bill 2021 (Consultation Draft Bill) for consultation. The Revised Bill alters the Financial Accountability Regime, which constitutes the Government’s implementation of recommendations from the Financial Services Royal Commission, namely recommendations 3.9, 4.12, 6.6, 6.7 and 6.8. FAR will apply to all prudentially-regulated […]
ReadmoreReducing IDR timeframes and improving internal reporting for the financial services sector
ASIC’s new Regulatory Guide 271 comes into effect on 5 October, covering new expanded IDR requirements that seek to address ASIC’s long-standing concerns regarding deficiencies and delays in the banks’ processes including in the identification, investigation and resolution of potential systemic issues raised by complaints. In this article, Sonia Apikian and Trish Kastanias explore the […]
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